Crude Stocks Build Below Expectations

U.S. commercial crude oil inventories increased by 1.1 million barrels from the previous week, below the expected build of 2.2 – 2.4 million barrels due to higher refinery utilization. Total crude oil stocks of 377.5 million barrels are well above the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 1.9 million barrels last week but remained in the upper limit of the average range.